Bitcoin’s Bullrun of up to 50% in Bitcoin price (BTC) during April helped bulls to predict the massive uptrend in the following months:
Bitcoin price resumed the uptrend in April after posting the worst first quarter performance in the history. The largest coin was trading around the two months low at the beginning of the month and investors were losing their confidence in the cryptocurrency markets. Regulatory concerns, ads bans, and declining trading volume were dazzling trader’s confidence.
However, trader’s sentiments and cryptocurrency trading environment started changing dramatically in favor of bulls in mid-April. That change was supported by bullish price predictions, positive survey results and folding regulatory concerns.
Source Image: coinmarketcap.com
Bitcoin price rose almost 50% in April, and it hovered around $9700 last week. BTC price remains range-bound over the last week; the largest coin is flirting with $9200 mark in the previous two weeks.
Bullish Trend Remains Intact for May
Trader’s sentiments in cryptocurrency markets have been strengthening at a robust pace over the last couple of weeks. This is evident from record trading volume from Bitcoin Futures last week. The Cboe’s Bitcoin Futures surge three times higher than their average daily volume.
Kevin Davitt, the senior instructor at the Cboe Options Institute, said,“May futures traded 18,210 contracts and…a total of 19,000 Bitcoin Futures traded here [on Wednesday].”
Market pundits are optimistic that BTC coin could reach $10,000 mark again in the coming days despite some resistance from bears. Regulators increasing role in cryptocurrency markets are adding to trader’s optimism and paving the path for institutional investment. The majority of significant cryptocurrency countries have already presented initial trading guidelines for coins trading.
Reuter’s survey and NASDAQ CEO comments hint significant growth potential for cryptocurrency markets. Nasdaq CEO Adena Friedman said. “If we do look at it and say “it’s time, people are ready for a more regulated market,” for something that provides a fair experience for investors.”
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